<p>語音人工智能（AI）公司 <strong>SoundHound AI</strong>(SOUN -1.26%) 在去年初因芯片製造商 <strong>Nvidia</strong>(NVDA -0.66%) 披露其持有少量股份而大幅提升了股價。隨着 2024 年的推進，關於該公司的更多好消息推動了其股價上漲。但在今年初，AI 行業的逆風、競爭威脅以及在 CES 上的表現平平使得該股開始下滑。</p>
<p>然後在 2 月底，當 Nvidia 向 SEC 提交最新的 13F 文件時，投資者瞭解到它在第四季度已出售了對 SoundHound AI 的全部股份。股價進一步暴跌。</p>
<p>更令人擔憂的是，Nvidia 最近與其第一家餐飲公司達成了合作協議。作為 GPU 領導者，Nvidia 不僅不再是 SoundHound AI 的主要支持者，可能還會成為這家小公司的最大競爭對手。</p>
<h2>Nvidia 與 Yum! Brands 合作</h2>
<p>3 月 18 日，<strong>Yum! Brands</strong> 宣佈將與芯片巨頭 Nvidia 合作，稱這是與科技公司進行的 “行業首創合作”。Yum! Brands 擁有 KFC、Taco Bell 和 Pizza Hut 連鎖店，在全球擁有超過 61,000 個餐廳地點，覆蓋面廣泛。</p>
<p>該公司將利用 AI 來評估其餐廳的表現，並部署語音 AI 系統來處理得來速的訂單，這是 SoundHound 也一直關注的一個重要增長機會。去年 12 月，SoundHound 宣佈與 Church's Texas Chicken 和 Torchy's Tacos 達成了語音 AI 點餐平台的合作協議。</p>
<p>Nvidia 與 Yum! Brands 的合作標誌着這家科技巨頭首次與餐飲公司在 AI 領域合作，這可能只是個開始。</p>
<h2>SoundHound 的增長前景存疑</h2>
<p>對於 SoundHound 來説，最大的疑問始終是它究竟能實現多少增長。來自 Nvidia 的競爭威脅並不是唯一的擔憂，其他公司也提供類似的語音 AI 服務。但由於 Nvidia 的規模龐大，它可能會在語音 AI 市場中佔據顯著份額。它在財務上也有能力大力進入新市場：在過去四個季度中，它的利潤達到了 730 億美元。相比之下，SoundHound 離盈虧平衡還很遠——去年虧損超過 3.51 億美元。</p>
<p>儘管 SoundHound 在 2024 年最後三個月的收入翻了一番，但這得益於一次收購。要想實現有機高增長並不容易。它所在的細分市場競爭激烈，面對像 Nvidia 這樣可能成為巨大競爭對手的公司，投資者可能需要重新考慮他們對該股的估值。</p>
<h2>SoundHound 的股票面臨困境</h2>
<p>SoundHound 的股票在 2025 年下跌近 50%。但以約 40 億美元的市值來看，SoundHound 的估值仍然相對較高，考慮到其收入和虧損情況。</p>
<p>它並未盈利，投資者基於去年的銷售額支付了近 40 倍的市銷率。即使公司在今年的收入指引範圍內達到高端（1.77 億美元），它的前瞻性市銷率仍然為 23 倍。對於一家面臨諸多風險和不確定性的科技公司來説，這個倍數是相當高的。</p>
<p>現在可能是 SoundHound 的股東重新考慮其持倉的好時機。儘管該股已經遠離幾個月前觸及的高點，但其自由下跌可能還沒有結束。相比之下，還有許多更好的 AI 股票可供投資，選擇 Nvidia 可能是更好的選擇。儘管選擇 SoundHound 這樣一家可能在長期內具有更大上行空間的小公司可能很誘人，但這樣做也伴隨着更大的風險。</p>

英偉達

SOUN

<p>英偉達最近剝離了對 SoundHound AI 的投資，這引發了人們對後者增長前景的擔憂，因為英偉達與百勝餐飲集團合作在其餐廳中實施語音人工智能。SoundHound 的股票在 2025 年暴跌近 50%，儘管市值達到 40 億美元，但仍處於虧損狀態，且市銷率較高。投資者被建議重新考慮他們的持倉，因為英偉達進入語音人工智能市場對 SoundHound 構成了重大競爭威脅</p>

<p>Voice artificial intelligence (AI) company <strong>SoundHound AI</strong>(SOUN -1.26%) got a big boost to its share price early last year after chipmaker <strong>Nvidia</strong>(NVDA -0.66%) disclosed that it had a small position in it. As 2024 progressed, additional good news about the business pushed its share price higher. But early this year, AI sector headwinds, competitive threats, and a tepid showing at CES set the stock on a downslope.</p>
<div class="lb-trans"><p>語音人工智能（AI）公司 <strong>SoundHound AI</strong>(SOUN -1.26%) 在去年初因芯片製造商 <strong>Nvidia</strong>(NVDA -0.66%) 披露其持有少量股份而大幅提升了股價。隨着 2024 年的推進，關於該公司的更多好消息推動了其股價上漲。但在今年初，AI 行業的逆風、競爭威脅以及在 CES 上的表現平平使得該股開始下滑。</p>
</div><p>Then in late February, when Nvidia filed its latest 13F with the SEC, investors learned that it had sold off its entire stake in SoundHound AI in the fourth quarter. Shares plunged further.</p>
<div class="lb-trans"><p>然後在 2 月底，當 Nvidia 向 SEC 提交最新的 13F 文件時，投資者瞭解到它在第四季度已出售了對 SoundHound AI 的全部股份。股價進一步暴跌。</p>
</div><p>Even more concerning, Nvidia recently locked up a deal with its first restaurant company. Not only is the GPU leader no longer a key backer of SoundHound AI, it may also potentially become the smaller company's biggest competitor.</p>
<div class="lb-trans"><p>更令人擔憂的是，Nvidia 最近與其第一家餐飲公司達成了合作協議。作為 GPU 領導者，Nvidia 不僅不再是 SoundHound AI 的主要支持者，可能還會成為這家小公司的最大競爭對手。</p>
</div><h2>Nvidia to work with Yum! Brands</h2>
<div class="lb-trans"><h2>Nvidia 與 Yum! Brands 合作</h2>
</div><p>On March 18, <strong>Yum! Brands</strong> announced that it would be working with chip giant Nvidia in what it called an &#34;industry-first collaboration&#34; with the tech company. Yum! Brands owns the KFC, Taco Bell, and Pizza Hut chains, giving it a massive footprint with more than 61,000 restaurant locations throughout the world.</p>
<div class="lb-trans"><p>3 月 18 日，<strong>Yum! Brands</strong> 宣佈將與芯片巨頭 Nvidia 合作，稱這是與科技公司進行的 “行業首創合作”。Yum! Brands 擁有 KFC、Taco Bell 和 Pizza Hut 連鎖店，在全球擁有超過 61,000 個餐廳地點，覆蓋面廣泛。</p>
</div><p>The company is going to use AI to help assess the performance of its restaurants and is deploying voice AI systems to handle orders at drive-thrus, which is one of the areas that SoundHound has also been eyeing as a big growth opportunity. In December, SoundHound announced deals for its voice AI ordering platform with Church's Texas Chicken and Torchy's Tacos.</p>
<div class="lb-trans"><p>該公司將利用 AI 來評估其餐廳的表現，並部署語音 AI 系統來處理得來速的訂單，這是 SoundHound 也一直關注的一個重要增長機會。去年 12 月，SoundHound 宣佈與 Church's Texas Chicken 和 Torchy's Tacos 達成了語音 AI 點餐平台的合作協議。</p>
</div><p>Nvidia's deal with Yum! Brands marks the first time the tech giant partnered with a restaurant company on AI, and it could just be the start.</p>
<div class="lb-trans"><p>Nvidia 與 Yum! Brands 的合作標誌着這家科技巨頭首次與餐飲公司在 AI 領域合作，這可能只是個開始。</p>
</div><h2>Why SoundHound's growth prospects are questionable</h2>
<div class="lb-trans"><h2>SoundHound 的增長前景存疑</h2>
</div><p>For SoundHound, the big question was always about how much growth it could truly achieve. The competitive threat from Nvidia is far from the only concern on that front, as other companies also offer similar voice AI services. But because of Nvidia's massive scale, it could take significant market share in voice AI. It's also in a financial position to push hard into fresh markets: It generated $73 billion in profit over the past four quarters. By contrast, SoundHound is nowhere near breaking even -- it incurred a loss of more than $351 million last year.</p>
<div class="lb-trans"><p>對於 SoundHound 來説，最大的疑問始終是它究竟能實現多少增長。來自 Nvidia 的競爭威脅並不是唯一的擔憂，其他公司也提供類似的語音 AI 服務。但由於 Nvidia 的規模龐大，它可能會在語音 AI 市場中佔據顯著份額。它在財務上也有能力大力進入新市場：在過去四個季度中，它的利潤達到了 730 億美元。相比之下，SoundHound 離盈虧平衡還很遠——去年虧損超過 3.51 億美元。</p>
</div><p>While SoundHound doubled its revenue during the last three months of 2024, that was with the help of an acquisition. For it to grow organically at a high rate won't be easy. There's loads of competition out there in its niche, and with a behemoth like Nvidia potentially en route to becoming a huge rival, investors may want to think twice about just how highly they are valuing the stock.</p>
<div class="lb-trans"><p>儘管 SoundHound 在 2024 年最後三個月的收入翻了一番，但這得益於一次收購。要想實現有機高增長並不容易。它所在的細分市場競爭激烈，面對像 Nvidia 這樣可能成為巨大競爭對手的公司，投資者可能需要重新考慮他們對該股的估值。</p>
</div><h2>SoundHound's stock is in trouble</h2>
<div class="lb-trans"><h2>SoundHound 的股票面臨困境</h2>
</div><p>SoundHound stock is down nearly 50% in 2025. But with a market cap of around $4 billion, SoundHound is still trading at a high valuation with respect to its top and bottom lines.</p>
<div class="lb-trans"><p>SoundHound 的股票在 2025 年下跌近 50%。但以約 40 億美元的市值來看，SoundHound 的估值仍然相對較高，考慮到其收入和虧損情況。</p>
</div><p>It isn't profitable, and investors are paying a price-to-sales multiple of nearly 40, based on last year's sales. Even if the company hits the high end of its revenue guidance range for this year ($177 million), it's still trading at 23 times forward sales. That's a high multiple to pay for a tech company that is facing a lot of risk and uncertainty ahead.</p>
<div class="lb-trans"><p>它並未盈利，投資者基於去年的銷售額支付了近 40 倍的市銷率。即使公司在今年的收入指引範圍內達到高端（1.77 億美元），它的前瞻性市銷率仍然為 23 倍。對於一家面臨諸多風險和不確定性的科技公司來説，這個倍數是相當高的。</p>
</div><p>Now may be a good time for shareholders in SoundHound to reconsider their positions. While the stock has already retreated far from the peak it touched a few months ago, its free fall may not be over just yet. There are much better AI stocks to own than SoundHound -- simply going with Nvidia may be a better option. Although it may be tempting to go with a much smaller company in SoundHound that may possess a lot more upside in the long run, doing so also comes with far greater risk.</p>
<div class="lb-trans"><p>現在可能是 SoundHound 的股東重新考慮其持倉的好時機。儘管該股已經遠離幾個月前觸及的高點，但其自由下跌可能還沒有結束。相比之下，還有許多更好的 AI 股票可供投資，選擇 Nvidia 可能是更好的選擇。儘管選擇 SoundHound 這樣一家可能在長期內具有更大上行空間的小公司可能很誘人，但這樣做也伴隨着更大的風險。</p>
</div>

Could Nvidia Become SoundHound AI's Biggest Competitor?

- SoundHound AI 股價因 Nvidia 出售股份而大幅下跌。  
- Nvidia 與 Yum! Brands 合作，可能成為 SoundHound 的競爭對手。  
- SoundHound 面臨盈利困難，股價高估風險顯著。  

英偉達會成為 SoundHound AI 的最大競爭對手嗎？